Spy Pre-Market Thoughts | Daily Commentary
Like the idea and follow the chart for free SPY commentary all day! :)
Happy Friday!
Today is the big day! Earnings for big names released last night and numbers are everywhere. Only one problem, not every agrees with what the direction should be after the surprise. Expect a lot of whipsaw today and time appropriately.
What is the market saying?
- Market Gapped up and the bulls have been saving from collapse out of the 320 range for days. They have a bull flag and would like to close the gap up north. However, 327 has been a bane of the bulls for awhile. While getting to the number multiple times doesn't dictate the same results, it's best to be wise about hasty decisions. Let the market open and set up some pivot points, and make entry from there.
1) Weekly Time Frame
- Medium bullish candle forming this week. Inside last weeks wicks.
2) Daily Time Frame
- Set a higher low yesterday. Opening above 325 sets bulls up for a breakout. The higher, the more strength behind the breakout. Bears will like to touch 325 before letting the bulls take off however.
3) Daily Indicator Standings
MACD: Above zero // Moving sideways from Tuesday
BB: Hit deviation line 15 July // Working Sidways to centerline
RSI: Set a low from Monday // 60.3 -> 58.48
KO: Signal line below 0 // Slow line above zero // weak sell signal
OBV: Overall Uptrend // lower low set on a pull back
Resistance levels
(Pre-Market) 326
326.4
326.8
327.3
Support levels
(Pre-Market) 325.5
324.3
323.75
323.2
322.1
321.5
320.95
Unfilled gaps
North side
327.23 - 333.48
South side
319.09 - 318.92
310.68 - 310.52
309.07 - 308.36
296.74 - 295.44
291.95 - 286.28
3) Side Thoughts
If this helps you like and follow the chart all day. Ill be giving updates as they show up! Getting feedback helps a lot. Thanks for taking the time to read. All of this information is my interpretation and shouldn't be taken as trading advice. Good luck out there traders!
Happy Friday!
Today is the big day! Earnings for big names released last night and numbers are everywhere. Only one problem, not every agrees with what the direction should be after the surprise. Expect a lot of whipsaw today and time appropriately.
What is the market saying?
- Market Gapped up and the bulls have been saving from collapse out of the 320 range for days. They have a bull flag and would like to close the gap up north. However, 327 has been a bane of the bulls for awhile. While getting to the number multiple times doesn't dictate the same results, it's best to be wise about hasty decisions. Let the market open and set up some pivot points, and make entry from there.
1) Weekly Time Frame
- Medium bullish candle forming this week. Inside last weeks wicks.
2) Daily Time Frame
- Set a higher low yesterday. Opening above 325 sets bulls up for a breakout. The higher, the more strength behind the breakout. Bears will like to touch 325 before letting the bulls take off however.
3) Daily Indicator Standings
MACD: Above zero // Moving sideways from Tuesday
BB: Hit deviation line 15 July // Working Sidways to centerline
RSI: Set a low from Monday // 60.3 -> 58.48
KO: Signal line below 0 // Slow line above zero // weak sell signal
OBV: Overall Uptrend // lower low set on a pull back
Resistance levels
(Pre-Market) 326
326.4
326.8
327.3
Support levels
(Pre-Market) 325.5
324.3
323.75
323.2
322.1
321.5
320.95
Unfilled gaps
North side
327.23 - 333.48
South side
319.09 - 318.92
310.68 - 310.52
309.07 - 308.36
296.74 - 295.44
291.95 - 286.28
3) Side Thoughts
If this helps you like and follow the chart all day. Ill be giving updates as they show up! Getting feedback helps a lot. Thanks for taking the time to read. All of this information is my interpretation and shouldn't be taken as trading advice. Good luck out there traders!
Comment:
bulls want to stay above 325. its the important psychological and first saving grace for them.
Comment:
coming down to fill gap from yesterday.
bulls wont want to stay here for longer than a 15m candle
bulls wont want to stay here for longer than a 15m candle
Comment:
well bulls lost it. got a bear flag and a waterfall. saving grace #2 is 323.2
Comment:
K so we have a bottom pivot.
322.66
under this price we can expect a lower low.
Going back up, bulls will run into resistance around 324.75
if they happen to bust and hold through that, then 325 will be present again. Theyll be trying to go for 326, which is the pre market high.
322.66
under this price we can expect a lower low.
Going back up, bulls will run into resistance around 324.75
if they happen to bust and hold through that, then 325 will be present again. Theyll be trying to go for 326, which is the pre market high.
Comment:
under 322.6 ish next support should be around 322 & 321.75
